Shanghai’s refined-zinc market remained subdued during the morning session, with futures prices moving within a narrow, fluctuating range and downstream buyers showing limited urgency. Mainstream transactions for #0 zinc were reported at 25,470-25,635 yuan per metric ton, while #1 zinc changed hands mainly at 25,400-25,565 yuan per ton. The Shuangyan brand recorded no transactions.
Early offers were positioned 50-70 yuan per ton above the prevailing market average, and sellers had not yet posted futures-linked quotes. In the second trading session, ordinary domestic brands were offered at an 80-yuan premium to the 2611 contract. Shuangyan, which was priced higher than ordinary domestic material, had no quote against that contract.
End-user orders were described as mediocre, and some buyers had already covered earlier needs. That left inquiry and purchasing activity at average levels, while spot-market turnover remained weak. Traders reported difficulty moving material, prompting some suppliers to reduce their offers.
The softer spot activity was consistent with weakness in several zinc-oxide end-use segments during the week. Orders from tire producers for rubber-grade zinc oxide and demand from household rubber products were weak, while feed-grade and ceramic-grade demand was also described as ordinary. Electronic-grade zinc oxide orders were relatively stable, making that segment the clearer exception in the reported downstream picture.
Regional pricing provided a mixed backdrop. Guangdong premiums were reported to have risen by 30 yuan per ton from the previous week, with mainstream #0 zinc quoted at premiums of 15-55 yuan per ton against the market by Friday. The combination of firmer regional premiums and sluggish Shanghai turnover points to uneven conditions across China’s spot market rather than a uniform shift in physical demand. The market assessment framework used for #0 and #1 zinc defines those grades by minimum zinc contents of 99. 995% and 99. 99%, respectively, and bases spot ranges primarily on Shanghai transactions, bids and offers.